Strategic Recognition | Current State

Author

Mariam Mushtaq
April 11, 2024 • Estimated Reading Time: 6 minutes

Hello HR Leaders! 👋

In this issue, we delve into the current state of rewards and recognition, guided by the powerful insights from "The Power of Rewards and Recognition 2024" report. Let's explore the landscape of employee recognition today – its challenges, triumphs, and the unexplored potential waiting to be unlocked. 🗝️

Do you have leadership support and participation for your current employee recognition program?

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The Reality Check 🕵️‍♂️

Let's reflect on the current state of recognition in our workplaces. Are we doing enough? Is our approach resonating with our teams? 🤔 

The 2024 Report presents a sobering look at the current recognition practices and how they're perceived by both HRs and employees.

Almost 86% of the respondents state that they have some type of rewards and recognition program in place, with the majority of HR professionals stating that these programs are Effective (45%) and Very Effective (35%).

However, even with the adoption of employee recognition, it does not tell us the whole story. Let’s explore the effectiveness of these programs.

Make Daily Recognition Possible with EngageWIth!

Gallup's research emphasizes the importance of frequent recognition, suggesting an ideal rhythm of acknowledgment everyday to underscore achievements and uphold company values. 🧑‍💼 

Additionally, even though 90% employees feel more valued when recognized, our report reveals a gap, with just 22% of employees feeling recognized daily. 🤔 

Daily recognitions does not have to be difficult. Seamlessly integrated into your communication platform, EngageWith facilitates quick and straightforward acknowledgments. These recognitions not only underscore company values but also empower employees by granting them reimbursable reward points. 🙌 

Current State of Employee Recognition | Key Discoveries from the Report: 📊

Satisfaction Gap:

There's a noticeable discrepancy in how HR and non-HR employees perceive the effectiveness of recognition programs, with a combined total of 80% of HR respondents viewing them favorably compared to a combined total of 62% of non-HR employees.

HR professionals, likely involved in the design and management of recognition programs, tend to have a more positive view of these initiatives. Their close connection to the strategic goals and implementation details may contribute to their favorable perception.

Conversely, the lower positive rating among non-HR employees suggests that these programs might not be as impactful from their perspective.

Financial Constraints

About 54% of HR professionals point out budget constraints as a major hurdle in implementing effective recognition programs, underscoring the need for cost-effective solutions.

This is closely followed by a lack of leadership support (52.2%), uncertainty on where to start (39.7%) and dissatisfaction with current solutions (27.3%).

The Power of Acknowledgment

According to Gallup, lack of recognition is linked to a higher propensity to quit. This insight complements the findings from our report, where a significant 85% of the respondents believe that a stronger culture of recognition and appreciation makes employees much more likely to stay with their current organization. 👍️ 

These findings prompt a crucial question: How can we bridge the gap and foster a culture of recognition that resonates with every employee? 🤕 

Your Role in Shaping the Future of Employee Recognition 🌈

As HR leaders, the onus is on us to champion the cause of effective recognition. Here’s how you can leverage the insights from our report:

Discover More Insights 🌟

Explore the complete "The Power of Rewards and Recognition 2024" report for a comprehensive analysis, providing valuable data to grasp the profound impact of a holistic rewards strategy. Discover more such data👇️

Your Turn: Reflections and Actions 🎯

Ready to evaluate your current state of employee recognition? Consider these questions:

  • Are we effectively leveraging technology and tools to streamline and enhance our recognition processes?

  • What feedback have we received from employees regarding our recognition efforts, and how can we incorporate this feedback to improve?

  • Are there any barriers or challenges hindering the effectiveness of our recognition initiatives, and how can we address them?

  • How can we ensure that our recognition strategies are inclusive and equitable for all employees?

Want to gain more insights from fellow HR experts? Join TSOW community for free and start a discussion! 🗨️ 

Up Next in our Special Edition: Leveraging tools and technology to revolutionize recognition. Discover how simplicity in saying "thanks" can be a game-changer. 🙏

Stay tuned, and let's continue to transform our workplaces into spaces where every effort is seen, appreciated, and celebrated. 🎉

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